本周（7月28日—8月3日），中美举行经贸会谈无疑是焦点事件，此外，香港《稳定币条例》将于8月1 日生效。重要数据方面，美联储将公布7月利率决议，非农、GDP等数据也将公布；中国7月PMI数据出 炉。 7月28日(周一) 美国7月达拉斯联储商业活动指数 7月29日 (周二) 国内成品油将开启新一轮调价窗口 美国5月S&P/CS20座大城市房价指数同比 美国6月商品贸易帐(亿美元) 7月30日（周三） 法国二季度GDP同比初值 加拿大央行公布利率决议 美国二季度实际GDP年化季环比初值 7月31日（周四） 美联储FOMC公布利率决议 美联储主席鲍威尔召开货币政策新闻发布会 巴西央行公布利率决议 据新华社消息，中国商务部新闻发言人23日宣布，经中美双方商定，中共中央政治局委员、国务院副总 理何立峰将于7月27日至30日赴瑞典与美方举行经贸会谈。 日本央行公布利率决议 中国7月官方制造业PMI 中国7月官方非制造业PMI 8月1日（周五） 中国7月财新制造业PMI 美国7月失业率 美国7月非农就业人口变动(万人) 美国7月ISM制造业指数 其他 香港《稳定币条例》将于8月1日生效。 本周超1000亿元市值限售股解禁 ...

Core Viewpoint - Duolingo, an innovative AI education company, has shown significant growth and potential in the language learning market, leveraging gamification and AI technology to enhance user engagement and course development [2][3][5]. Company Overview - Duolingo was founded in 2011 by Luis von Ahn and Severin Hacker, and launched its app in 2012, utilizing a game-like approach to language learning [2]. - The app offers around 40 language courses, including popular and niche languages, all available for free, which lowers the barrier to language learning [2]. Market Expansion - Duolingo entered the Chinese market in 2019, quickly becoming its seventh largest market globally and one of the fastest-growing international markets [3]. - The company went public on NASDAQ in July 2021, experiencing a significant stock price increase from around $60 to over $400, marking a sixfold rise [3]. AI Integration - The company adopted an "AI First" strategy, automating course generation, which allowed it to create 148 language courses in just one year, compared to 100 courses developed over the previous 12 years [3][4]. - This automation has reduced costs and accelerated content creation, enabling the company to scale its offerings efficiently [3]. Marketing Strategy - Duolingo employs effective marketing strategies, utilizing platforms like TikTok and Instagram for viral marketing, achieving millions of daily exposures at minimal costs [5]. - The company reported a 49% year-over-year increase in daily active users (DAUs) to 466,000 in Q1 2025, with a low customer acquisition cost of under $2 [6]. Financial Performance - Duolingo's average revenue per user (ARPU) is approximately $6, with room for price increases, as evidenced by a recent subscription price hike [6]. - The company raised its revenue guidance for 2025 to between $9.87 billion and $9.96 billion, leading to a 22% stock price surge following the announcement [6]. Analyst Ratings - Major financial institutions have raised their target prices for Duolingo, with the most optimistic estimates reaching $600 [8]. Recent Challenges - Despite its successes, Duolingo's stock price has seen a decline of 25% since mid-May 2025, raising concerns about user retention and growth due to issues with AI-generated content [9]. - User feedback indicates dissatisfaction with AI-generated exercises, leading to a wave of uninstalls and negative reviews on social media [11]. Executive Actions - Following the peak in stock price, several executives, including the CFO and CEO, sold shares, totaling approximately $25.16 million [11].

6月13日，菲鹏数辉联合创始人兼首席科学家马步勇教授在上海AIBC会场发布DeepConformer2.0升级版。这是菲鹏数辉连续第三届参加AIBC(2025人工智能 与生物医药大会)。 DeepConformer2.0升级版成为国内首个实现"复合蛋白质动态构象预测"的模型，预计2030年后实现200亿美金市场规模，在蛋白质动态构象市场一骑绝尘。 马步勇，菲鹏数辉联合创始人兼首席科学家 单个到复合 一年以来，菲鹏数辉的科学家不断尝试。 令人惊喜，2.0升级版从预测单链蛋白质动态构象，跃升到能够预测复合蛋白质动态构象，意味着其捕捉的蛋白质构象距离真实世界更近一步。 这是同一研究领域、2024年获诺贝尔奖的Alphafold亦未能实现的。 C1表位 抗体1 起跳探戈的蛋白对 C5表 位 "一起跳探戈"的蛋白对 "突变"首次被解释 美国研究者发现一些蛋白质突变阻碍细胞分裂，但机理却多年未解。 2.0升级版在从单个到复合蛋白质的构象预测中，发现这些氨基酸的突变影响复合物的构象分布，从而解释了机理。 AI+生物医药，近年来火爆程度高居不下。 "来展台的人比去年更多了"，菲鹏数辉展台的科学家有直观感受。 菲鹏数辉是菲鹏集 ...

Core Viewpoint - Huatai Securities remains optimistic about the large consumption sector in 2025, suggesting four structural investment themes within the consumption sector [1] Group 1: New Consumption Investment Opportunities - Head brands in beauty and personal care, as well as domestic fashion, are achieving market share breakthroughs through product innovation and omnichannel strategies [1] Group 2: High-Growth Emotional Consumption Sector - The market for emotional consumption, including trendy toys, pet economy, and immersive services, is building a high-prosperity market worth hundreds of billions through social and scenario-based consumption models [1] Group 3: Booming Silver Economy - The silver economy, focusing on age-friendly smart appliances and elderly education tourism, is expected to enter a golden development period supported by policy and changing perceptions [1] Group 4: "AI+" Consumption Technology Empowerment Opportunities - Companies providing computing power services and solutions, along with leading consumer stocks that are first to implement these technologies, show significant growth potential [1]

今年以来，人形机器人等人工智能（AI）板块大幅上涨，带动了科技板块的崛起。然而，近日科技股 受到一定冲击，出现较大幅度调整。但随着国家队加大力度以及社会各方积极稳定市场，科技板块再度 崛起。4月25日，中央政治局会议胜利召开，出台多项重磅政策，有效提振市场信心。此后，科技板块 再次崛起，人形机器人等AI板块出现大涨，AI+医疗板块也出现较大幅度回升。 中央政治局会议指出要打造一批新兴支柱产业，推出"战士科创板"，加快实施"人工智能+"行动。这无 疑是推动科技板块再次崛起的重要因素。会议强调利用人工智能技术赋能多领域协同创新，推动未来制 造、未来信息、未来健康等领域技术突破与产业融合，这将对人形机器人等行业产生重大推动作用。 中央政治局会议强调要持续稳定和活跃资本市场，与过去提出的"稳住楼市、股市"相比，增加了"持续 活跃"这一表述，显示出对资本市场支持力度的进一步增强。我国资本市场的稳定性显著增强。 目前，特朗普挑起的关税战引发国内外反对，特朗普面临巨大压力，可能会通过谈判解决贸易争端，这 也为后续行情启动奠定了基础。 今年5月，我将第五次赴美参加2025年巴菲特股东大会。参会前，我计划前往旧金山硅谷与英伟达 ...

将投中网设为"星标⭐"，第一时间收获最新推送 速览投资风口，掌握资本律动。 作者丨 长风 来源丨东四十条资本 大家好，我是长风。今天给大家带来上周资本市场的专业投研信息。 上周焦点回顾： 硬科技赛道，汽车智能化部件受追捧。 上周，国内 EMB 企业华申瑞利宣布于2025年初完成近亿元 人民币A轮融资。本轮融资由合创资本、君科丹木以及老股东顺为资本联合领投，老股东小米战投、 蓝湖资本和辰韬资本跟投。此外，国内车载SerDes芯片企业仁芯科技成功斩获A轮融资，此次融资 吸引陕汽集团、长江汽车电子、移为通信、杭州临空产业基金、杭金投基金、浙江大华投资等产业资 本积极入局。 大健康赛道，心脏医疗成热门。 上周，上海合源医疗®完成超亿元的新一轮融资。本轮融资由龙磐 投资和道彤投资联合领投，楹联健康基金和天瑞丰年跟投，现有股东礼来亚洲基金持续加持。人工心 脏领域企业核心医疗已完成超1亿美元D轮融资。本轮融资由正心谷资本、社保基金中关村自主创新 专项基金（君联资本担任管理人）、阿美风险投资旗下Prosperity7 Ventures(P7)、基石资本及知 名产业投资方联合领投，德联资本及联新资本跟投。 硬科技 华申瑞利完成 ...

Group 1: Domestic Consumption and Investment Opportunities - The report from Tianfeng Securities emphasizes the ongoing focus on domestic consumption trends and identifies three major investment opportunities in a cyclical context [1] - In the dairy sector, continuous policies such as fertility and milk powder subsidies, rising upstream beef prices, and potential turning points in raw milk prices are expected to stimulate the performance of dairy products [1] - For the snack sector, a relatively low base in Q2 2024, coupled with the acceleration of traditional retail channel adjustments and new channel developments, is anticipated to enable snack companies to achieve double-digit growth [1] Group 2: Rare Earth Sector Dynamics - CITIC Securities highlights the recent export control measures on seven types of heavy rare earth elements, which are expected to boost downstream demand and purchasing activity, leading to a slight price increase [2] - China holds approximately 70% of global rare earth mines and 90% of refining and separation capacity, providing a strong countermeasure against U.S. tariff policies [2] - The demand for rare earth materials is projected to surge, particularly in high-performance applications such as humanoid robots, which could significantly exceed the demand from electric vehicles [2] Group 3: AI in Healthcare - Huatai Securities reports that the FDA's recent announcement to reduce or replace animal testing in drug development with AI-based models is set to transform the pharmaceutical landscape [3] - The policy is expected to accelerate the integration of AI in drug discovery and clinical trials, leading to significant advancements in the "AI + healthcare" sector by 2025 [3] - Investment opportunities in innovative drug companies that leverage AI platforms for drug discovery are emphasized as critical [3]

将投中网设为"星标⭐"，第一时间收获最新推送 速览投资风口，掌握资本律动。 作者丨 长风 来源丨 东四十条资本 大家好，我是长风。今天给大家带来上周资本市场的专业投研信息。 上周焦点回顾： 新消费赛道，旅游住宿受重视。 3月31日消息，汇智国际旅游正式宣布完成新一轮亿元B+轮融资。本轮融资由沣源资本领投、华山资本跟投，老股东 明裕创投持续加码。同一天，国内智能民宿运营商杭州团家商业运营管理有限公司宣布完成3000万元A轮融资。本轮融资由早行人创业投资（海南）有 限公司独家领投。 硬科技赛道，具身智能亿元融资不断。 上周，具身智能企业千寻智能Spirit AI宣布完成 5.28 亿元人民币 Pre-A 轮融资。本轮融资由阿美风险投资旗 下 Prosperity7 Ventures(P7) 领投，招商局创投、广发信德、靖亚资本、东方富海、华控基金等多家资本深度参与，华发集团、浙江省科创母基金与 上市公司浙江东方在杭州共同发起设立的善富科创子基金战略加持。此外，专注于打造"一脑多形"具身智能机器人的人工智能公司星海图接连完成A2、 A3轮系列融资，总融资额超3亿元人民币，本系列融资由凯辉基金领投，联想创投、海尔资本 ...